TORONTO--(BUSINESS WIRE)--Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce an update to ongoing business operations involving the Bophelo Biosciences & Wellness Ltd (“Bophelo”) in Lesotho, Africa.
- First harvest of 350 plants expected to be completed by end of February, ahead of schedule
Phase 1 expansion of Bophelo launched:
1.2 hectare build to include 8 hoop houses and 1 Cravo greenhouse
Extra capacity will allow growing of multiple strains of medicinal cannabis for export
Expected completion by end of Q1
Fully operational, the Phase 1 build will house 3 acres of canopy
- Plans to expand Bophelo production infrastructure further in H2
Progress continues with EU GACP certification for cannabis grown at Bophelo
Halo anticipates imminent statutory central bank approval in Lesotho and South Africa to close Bophelo transaction
Halo Chief Operating Officer, Andreas Met, is currently overseeing the project in Lesotho, Africa. Working closely with Bophelo’s Chairman and Founder Louisa Mojela on site, Met is handling all developments revolving around site infrastructure and horticulture. Nearing maturity, the initial harvest of 350 plants is estimated to start in 10 days and be completed by the end of February.
Bophelo and Halo have also launched the Phase 1 expansion comprising 8 hoop houses and 1 Cravo greenhouse to grow multiple strains of potential medicinal cannabis exports from Lesotho. Halo expects to complete the 1.2 hectare build by the end March and anticipates harvesting half an acre of canopy from it in 2020. At full utilization, Phase 1 houses 3 acres of total canopy or approximately 120,000 square feet. The Company plans to put additional infrastructure into production to expand the canopy by year end.
Met comments from Lesotho on the project, “We have started to roll out infrastructure that will enable us to deliver flower and biomass for oil production to international markets by July 1, 2020. Presently, we are sourcing materials required for the build out and readying the site for the Cravo Greenhouse including site prep, IT infrastructure, and more. We are building an experienced team to execute on Bophelo and Halo’s plan to export medicinal cannabis from Lesotho.”
Met’s team onsite includes Roderick Teague, a seasoned agricultural project manager from the blueberry and tobacco industries. Teague has overseen largescale agriculture projects of up to 120 hectares that produced several metric tons of yield in countries such as Zimbabwe, Zambia, Mozambique and South Africa. Additionally, the team is comprised of professionals from the coffee industry with experience in international agricultural business.
Recently, Halo announced commencement for formal European Union Good Agricultural and Collection Practices (“EU GACP”) certification for growing medical cannabis in Lesotho that can be distributed to the United Kingdom. Utilizing Pharmaconsulta, Halo will meet all regulation standards to receive EU GACP certificates for Bophelo operations for medicinal plants as published by the European Medicines Agency and World Health Organization. Pharmaconsulta will also provide full audits on the agricultural and cultivation sites, implement a quality control system compliant with EU GACP standards while also providing full training to staff.
Upon receipt of the EU GACP certification, Halo anticipates utilizing Canmart Limited (“Canmart”), a holder of wholesale distribution and special cannabis licenses in the United Kingdom, to import Cannabis Based Products for Medicinal use (“CBPMs”) into the UK. There are over 1.4 million people using CBPMs in the UK with a market expected to surpass $3 billion by 2024. Halo is in the process of acquiring Canmart to gain a foothold in the UK. The UK is expected to be the start of Halo’s plan to gain more distribution channels into European markets. Currently, the Company is reviewing opportunities in Malta, Israel and beyond.
Halo anticipates garnering statutory central bank approvals in Lesotho and South Africa imminently and following the final closing of the Bophelo acquisition. Additionally, Louisa Mojela the Founder and Chairman of Wiphold Finance, a $250 million private equity fund, is leading active discussions with multiple commercial banks throughout the African region. This institutional and non-dilutive financing would be among the first of its kind in cannabis and would be used for further construction and buildout as well as provide working capital for the Company.
Kiran Sidhu, Halo CEO and Co-Founder, comments, “We are excited to be finalizing the acquisition of Bophelo. Since initially announcing the partnership in December of 2018, our position has evolved to the anticipated acquisition of the company. The promise that the Kingdom of Lesotho offers in the cannabis industry and appointing Louisa Mojela to Halo Chairman places the Company in a strong position for global expansion.”
Halo is a global cannabis extraction company that develops and manufactures quality cannabis oils and concentrates, which are the fastest-growing segments in the cannabis industry. Halo is a global leader in cannabis oil and concentrates, having produced over 4.5 million grams of oils and concentrates since inception. The Company has expertise across all major cannabis manufacturing processes, leveraging a variety of proprietary processes and products. The forward-thinking company is led by a strong management team with deep industry knowledge and blue-chip experience. The Company is currently operating in California and Oregon, as well as in Nevada with our partner Just Quality, LLC, and in Lesotho with the 205-hectare Bophelo cultivation zone.
With a consumer-centric focus, Halo will continue to market innovative, branded, and private label products across multiple product categories. Halo recently acquired Dispensary Track platform, which will alleviate customer flow constraints experienced by dispensaries and enable direct consumer interaction.
For further information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but is not limited to, statements regarding the acquisition of Bophelo, planned acquisition of Canmart and business operations in Lesotho, Africa.
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions. Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.